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SDLT filing and payment time limits halved – don’t miss the new deadlines

From 1 March 2019 the timescales for submitting a Stamp Duty Land Tax (SDLT) return and making the necessary payments to HMRC will be halved.

SDLT is the tax imposed by the Government on the transfer of land or the grant of a lease in England and Northern Ireland with a value over a certain threshold.

The current deadline for submitting an SDLT return and paying any SDLT monies that are due is 30 days from the effective date of the transaction, being either the date of completion or the date that occupation of the property is taken.

The Government has now halved this period, so that there will be a reduced timescale of 14 days to file an SDLT return and pay the SDLT monies due to HMRC for transactions with an effective date on or after 1 March 2019.

HMRC have commented that the majority of SDLT returns are already filed within 14 days of the transaction and that this reduced timescale will improve the efficiency of the SDLT system. Improvements are also being made to the SDLT return and these will be in place when the new time limit begins.

Those involved in property transactions where SDLT is applicable should ensure they are aware of and adhere to this new deadline as, if an SDLT return is not filed and the SDLT monies are not paid to HMRC within the 14-day timescale, interest will be payable from the day after the deadline until the date the SDLT monies are actually paid.

If you require further information, please do not hesitate to get in touch.

Please note that this briefing is designed to be informative, not advisory and represents our understanding of English law and practice as at the date indicated. We would always recommend that you should seek specific guidance on any particular legal issue.

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